The Westbourne, located at 601-611 East 137th Street in the Hamilton Heights market, is a multifamily asset comprised of 184 units including 183 apartments and 1 retail space. The property has a total square footage of 225,541 and was sold for $62,000,000, resulting in a per-unit price of $336,956 and a price per square foot of $275. The transaction reflects a cap rate of 7.2% and a gross rent multiplier of 7.8x. This blockfront property includes five pristine, pre-war buildings with 62% of the units offered as free market.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $62,000,000
• Units: 184
• Price Per Unit: $336,956
• Square Footage: 225,541
• Price Per Square Foot: $275
• Cap Rate: 7.2%
• Gross Rent Multiplier: 7.8x
• Brokers: Lipa Lieberman, Shallini Mehra & Amit Doshi - Meridian Capital Group

The transaction involved key broker representatives from Meridian Capital Group, namely Lipa Lieberman, Shallini Mehra, and Amit Doshi, who facilitated the sale of this multifamily property. Their involvement played a crucial role in navigating the complexities of this real estate transaction in the Hamilton Heights area.